UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08217
Name of Fund: MuniHoldings New York Insured Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, MuniHoldings New York Insured Fund, Inc., 800 Scudders Mill
Road, Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton,
NJ 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 08/31/05
Date of reporting period: 09/01/04 - 02/28/05
Item 1 - Report to Stockholders
MuniHoldings New York
Insured Fund, Inc.
Semi-Annual Report
February 28, 2005
MuniHoldings New York Insured Fund, Inc.
The Benefits and Risks of Leveraging
MuniHoldings New York Insured Fund, Inc. utilizes leveraging to seek to enhance
the yield and net asset value of its Common Stock. However, these objectives
cannot be achieved in all interest rate environments. To leverage, the Fund
issues Preferred Stock, which pays dividends at prevailing short-term interest
rates, and invests the proceeds in long-term municipal bonds. The interest
earned on these investments, net of dividends to Preferred Stock, is paid to
Common Stock shareholders in the form of dividends, and the value of these
portfolio holdings is reflected in the per share net asset value of the Fund's
Common Stock. However, in order to benefit Common Stock shareholders, the yield
curve must be positively sloped; that is, short-term interest rates must be
lower than long-term interest rates. At the same time, a period of generally
declining interest rates will benefit Common Stock shareholders. If either of
these conditions change, then the risks of leveraging will begin to outweigh the
benefits.
To illustrate these concepts, assume a fund's Common Stock capitalization of
$100 million and the issuance of Preferred Stock for an additional $50 million,
creating a total value of $150 million available for investment in long-term
municipal bonds. If prevailing short-term interest rates are approximately 3%
and long-term interest rates are approximately 6%, the yield curve has a
strongly positive slope. The fund pays dividends on the $50 million of Preferred
Stock based on the lower short-term interest rates. At the same time, the fund's
total portfolio of $150 million earns the income based on long-term interest
rates. Of course, increases in short- term interest rates would reduce (and even
eliminate) the dividends on the Common Stock.
In this case, the dividends paid to Preferred Stock shareholders are
significantly lower than the income earned on the fund's long-term investments,
and therefore the Common Stock shareholders are the beneficiaries of the
incremental yield. However, if short-term interest rates rise, narrowing the
differential between short-term and long-term interest rates, the incremental
yield pickup on the Common Stock will be reduced or eliminated completely. At
the same time, the market value of the fund's Common Stock (that is, its price
as listed on the New York Stock Exchange) may, as a result, decline.
Furthermore, if long-term interest rates rise, the Common Stock's net asset
value will reflect the full decline in the price of the portfolio's investments,
since the value of the fund's Preferred Stock does not fluctuate. In addition to
the decline in net asset value, the market value of the fund's Common Stock may
also decline.
As a part of its investment strategy, the Fund may invest in certain securities
whose potential income return is inversely related to changes in a floating
interest rate ("inverse floaters"). In general, income on inverse floaters will
decrease when short-term interest rates increase and increase when short-term
interest rates decrease. Investments in inverse floaters may be characterized as
derivative securities and may subject the Fund to the risks of reduced or
eliminated interest payments and losses of invested principal. In addition,
inverse floaters have the effect of providing investment leverage and, as a
result, the market value of such securities will generally be more volatile than
that of fixed-rate, tax-exempt securities. To the extent the Fund invests in
inverse floaters, the market value of the Fund's portfolio and the net asset
value of the Fund's shares may also be more volatile than if the Fund did not
invest in these securities. As of February 28, 2005, the percentage of the
Fund's total net assets invested in inverse floaters was 6.86%, before the
deduction of Preferred Stock.
Swap Agreements
The Fund may also invest in swap agreements, which are over-the-counter
contracts in which one party agrees to make periodic payments based on the
change in market value of a specified bond, basket of bonds, or index in return
for periodic payments based on a fixed or variable interest rate or the change
in market value of a different bond, basket of bonds or index. Swap agreements
may be used to obtain or reduce exposure to a bond or market without owning or
taking physical custody of securities. Swap agreements involve the risk that the
party with whom the Fund has entered into the swap will default on its
obligation to pay the Fund and the risk that the Fund will not be able to meet
its obligations to pay the other party to the agreement.
2 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
A Letter From the President
Dear Shareholder
Financial markets broadly posted positive returns over the most recent reporting
period, with international equities providing some of the most impressive
results.
Total Returns as of February 28, 2005 6-month 12-month
===============================================================================================
U.S. equities (Standard & Poor's 500 Index) + 9.99% + 6.98%
- -----------------------------------------------------------------------------------------------
International equities (MSCI Europe Australasia Far East Index) +21.18 +18.68
- -----------------------------------------------------------------------------------------------
Fixed income (Lehman Brothers Aggregate Bond Index) + 1.26 + 2.43
- -----------------------------------------------------------------------------------------------
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) + 2.40 + 2.96
- -----------------------------------------------------------------------------------------------
High yield bonds (Credit Suisse First Boston High Yield Index) + 7.53 +11.21
- -----------------------------------------------------------------------------------------------
The U.S. economy has continued to show resilience in the face of the Federal
Reserve Board's (the Fed) continued interest rate hikes and, more recently,
higher oil prices. The Fed's measured tightening program recently brought the
federal funds rate to 2.75% en route to a more "neutral" short-term interest
rate target (relative to inflation). Since the U.S. presidential election,
progress has been monitored on many fronts in Washington, although concerns
remain about the structural problems of debt and deficits, as reflected by a
significant decline in the U.S. dollar.
U.S. equities ended 2004 in a strong rally, but remained in a fairly narrow
trading range for the first two months of 2005. Divergences were notable among
sectors, with energy emerging as a clear leader. On the positive side,
corporations have accelerated their hiring plans, capital spending remains
reasonably robust and merger-and-acquisition activity has increased. Offsetting
the positives are slowing corporate earnings growth, renewed energy price
concerns and the potential for an economic slowdown. International equities,
particularly in Asia, have benefited from higher economic growth rates (China
recorded growth of 9.3% in 2004), stronger currencies and relatively reasonable
valuations.
The major action in the bond market has been a flattening of the yield curve. As
short-term interest rates continued to rise, yields on the long end of the curve
remained relatively stable -- even declining at certain points since the Fed's
monetary tightening program began in June 2004. This phenomenon has been largely
attributed to continued foreign interest in U.S. bonds, which has served to
absorb much of the excess supply. By period-end, many believed long-term yields
were long overdue for a rise.
Looking ahead, the environment is likely to be a challenging one for investors,
with diversification and selectivity becoming increasingly important themes.
With this in mind, we encourage you to meet with your financial advisor to
review your goals and asset allocation and to rebalance your portfolio, as
necessary, to ensure it remains aligned with your objectives and risk tolerance.
As always, we thank you for trusting Merrill Lynch Investment Managers with your
investment assets, and we look forward to serving you in the months and years
ahead.
Sincerely,
/s/ Robert C. Doll, Jr.
Robert C. Doll, Jr.
President and Director
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 3
A Discussion With Your Fund's Portfolio Manager
We maintained our focus on enhancing the Fund's yield and continued to
provide our shareholders with an above-average dividend distribution throughout
the six-month period.
Describe the recent market environment relative to municipal bonds.
Despite broadly positive economic conditions, long-term bond yields declined
during the past six months as bond prices, which move opposite yields, generally
rose. Gross domestic product (GDP) grew at a rate of 4.4% in 2004, well ahead of
2003's annual rate of 3%. The improving economic activity was largely offset by
inflationary trends remaining in the 1.5% -2% range. Also helping to boost bond
prices was strong currency-related demand for long-term U.S. Treasury issues on
the part of many foreign governments.
Over the past six months, long-term U.S. Treasury bond yields declined 21 basis
points (.21%) to 4.72% at February 28, 2005. At the same time, the Federal
Reserve Board (the Fed) continued to raise short-term interest rates, moving its
federal funds target rate recently to 2.75%. The Fed's series of interest rate
hikes, and the expectation for a continuation of the monetary tightening
program, pressured shorter-maturity bond yields higher throughout the period.
The yield on the 10-year Treasury note increased 26 basis points to 4.36% at
period-end.
In the municipal bond market, the yield on A-rated revenue bonds maturing in 30
years declined 16 basis points to 4.93% at the end of February, according to the
Bond Buyer Revenue Bond Index. AAA-rated issues maturing in 30 years, as
reported by Municipal Market Data, declined 19 basis points to 4.51%.
Conversely, shorter-maturity municipal bond yields increased. Yields on
AAA-rated tax-exempt bonds maturing in 10 years increased 15 basis points to
3.65% at period-end.
Investor demand for municipal bonds was solid throughout the period and
increased in the latter months. The most current statistics from the Investment
Company Institute indicate that long-term municipal bond funds saw net new cash
flows of $870 million in January 2005, a sharp contrast to the $224 million in
net cash outflows in January 2004.
Describe conditions in the State of New York.
The State of New York maintains credit ratings of A1, AA and AA- from Moody's,
Standard and Poor's (S&P) and Fitch, respectively. Moody's assigns a positive
outlook to the state's rating, reflecting an upgrade in November, while Fitch
and S&P carry stable outlooks. The state economy continues to improve and
revenue collections are increasing. State tax collections remain largely
dependent on the performance of the financial sector, but tax receipt estimates
for fiscal year 2005 (ending March 31, 2005) show a 14% increase from the prior
year. Fiscal year 2005 is expected to produce a $170 million operating surplus.
The Executive Budget forecasts a more moderate 5.4% increase in tax receipts for
fiscal year 2006. Due in large part to this revenue growth, the projected budget
deficit for fiscal year 2006 has dropped from $6 billion to about $4 billion.
However, this does not factor in a lawsuit recently won by the Campaign for
Fiscal Equity that could add up to $2 billion in annual state education
spending. Crafting a balanced budget will present a challenge given political
resistance to additional tax hikes and cuts in popular programs, as well as
pressure from local governments for pension and Medicaid relief, and new
education spending.
The economy produced good job growth in 2004, with total non-farm labor
increasing .5% from the prior year. This was the first annual gain since 2000.
New York ranks fifth-highest among all states in per capita income. Modest
income growth during 2005 would boost personal income tax receipts, roughly 38%
of general fund receipts.
How did the Fund perform during the period in light of the existing market
conditions?
For the six-month period ended February 28, 2005, the Common Stock of
MuniHoldings New York Insured Fund, Inc. had net annualized yields of 6.16% and
6.60%, based on a period-end per share net asset value of $15.51 and a per share
market price of $14.48, respectively, and $.474 per share income dividends. Over
the same period, the total investment return on the Fund's Common Stock was
+4.06%, based on a change in per share net asset value from $15.41 to $15.51,
and assuming reinvestment of all distributions.
The Fund's total return, based on net asset value, fell just short of the +4.16%
average return of its comparable Lipper category of New York Insured Municipal
Debt Funds for the six-month period. (Funds in this Lipper category invest
primarily in securities exempt from taxation in New York and insured as to
timely payment.) This is primarily attributed to our shorter-than-average
portfolio duration, a strategy we
4 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
employed to lower portfolio volatility and protect the Fund's net asset value in
what we expected to be a rising interest rate environment. However, long-term
interest rates declined modestly, costing the Fund some capital appreciation as
bond prices correspondingly rose.
The decline in long-term interest rates as short-term interest rates increased
also resulted in a flattening of the yield curve. We had been capitalizing on
the curve flattening trade and moving into longer-dated securities as
opportunities presented themselves. However, given the market's low absolute
yields and a lack of significant issuance on the long end, we were not able to
effect this trade as much as we would have liked, as we were reluctant to give
up bonds booked at higher yields in order to move further out. Despite the
declining market yields, the Fund was able to maintain an above-average monthly
distribution rate throughout the period, while some of our competitors were
forced to cut their dividends.
For a description of the Fund's total investment return based on a change in the
per share market value of the Fund's Common Stock (as measured by the trading
price of the Fund's shares on the New York Stock Exchange), and assuming
reinvestment of dividends, please refer to the Financial Highlights section of
this report. As a closed-end fund, the Fund's shares may trade in the secondary
market at a premium or discount to the Fund's net asset value. As a result,
total investment returns based on changes in the market value of the Fund's
Common Stock can vary significantly from total investment returns based on
changes in the Fund's net asset value.
What changes were made to the portfolio during the period?
We maintained our focus on protecting the Fund's net asset value and providing
shareholders with above-average income. To that end, we held onto bonds booked
into the portfolio at attractive yields and remained essentially fully invested
throughout the period. Whenever possible, we took opportunities to move further
out on the curve in an effort to pick up additional yield.
After several months of modest supply, New York municipal issuance increased in
the final two months of the period. In February, new supply increased 15.6%
versus February 2004. For the month, two of the largest transactions nationwide
were in New York. The Fund has been able to benefit from the restructuring
opportunities presented by the growing new-issue calendar, allowing us to
diversify the portfolio and swap into bonds offering more attractive rates.
For the six-month period ended February 28, 2005, the Fund's Auction Market
Preferred Stock (AMPS) had average yields as follows: Series A, 1.28%; Series B,
1.17%; Series C, 1.42%; Series D, 1.41%; and Series E, 1.23%. Continued
short-term interest rate increases by the Fed have modestly increased the Fund's
borrowing costs throughout the past six months. Although the Fed remains
committed to tightening short-term interest rates, the Fund's borrowing costs
remain quite low on a historical basis and the leveraging of the Preferred Stock
has continued to generate a material income benefit to the Fund's Common Stock
shareholders. However, should the spread between short-term and long-term
interest rates narrow, the benefits of leverage will decline and, as a result,
reduce the yield on the Fund's Common Stock. At the end of the period, the
Fund's leverage amount, due to AMPS, was 39.60% of total net assets. (For a more
complete explanation of the benefits and risks of leveraging, see page 2 of this
report to shareholders.)
How would you characterize the portfolio's position at the close of the period?
The Fed has given no indication that it is ready to slow down its "measured"
monetary tightening program, nor has the economy offered any indication that it
has been affected by the higher short-term interest rates. In fact, in reference
to the yield curve flattening trend, Fed Chairman Alan Greenspan has admitted,
"the broadly unanticipated behavior of world bond markets remains a conundrum."
Under these circumstances, we continue to believe that the risk/reward tradeoff
favors a slightly shorter duration.
Having said that, we still perceive value in the yield levels provided by
longer-maturity New York securities. We continue our efforts to diversify the
portfolio, which we believe will allow us more flexibility to capitalize on the
rapidly changing market and the dislocations caused by the various market
participants.
Timothy T. Browse, CFA
Vice President and Portfolio Manager
March 9, 2005
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 5
Schedule of Investments (in Thousands)
Face
Amount Municipal Bonds Value
===================================================================================================================================
New York--150.3%
- -----------------------------------------------------------------------------------------------------------------------------------
Albany County, New York, Airport Authority, Airport Revenue Bonds, AMT (d):
$ 1,500 5.375% due 12/15/2017 $ 1,596
1,500 5.50% due 12/15/2019 1,603
5,200 6% due 12/15/2023 5,668
---------------------------------------------------------------------------------------------------------
3,375 Albany, New York, IDA, Civic Facility Revenue Bonds (The University Heights
Association--Albany Law School), Series A, 6.75% due 12/01/2029 (l) 3,872
---------------------------------------------------------------------------------------------------------
1,000 Albany, New York, Municipal Water Finance Authority, Water and Sewer System
Revenue Refunding Bonds, Series A, 6.375% due 12/01/2009 (b)(f) 1,159
---------------------------------------------------------------------------------------------------------
Buffalo, New York, GO, Series D (d):
1,000 6% due 12/01/2009 (f) 1,143
1,000 6% due 12/01/2013 1,135
---------------------------------------------------------------------------------------------------------
1,025 Erie County, New York, GO, Public Improvement, Series A, 5.75% due 10/01/2013 (b) 1,148
---------------------------------------------------------------------------------------------------------
Erie County, New York, IDA, School Facility Revenue Bonds (City of Buffalo
Project) (d):
2,500 5.75% due 5/01/2019 2,841
5,150 5.75% due 5/01/2024 5,725
---------------------------------------------------------------------------------------------------------
Long Island Power Authority, New York, Electric System Revenue Bonds,
Series A (a):
3,000 5% due 9/01/2029 3,134
5,000 5% due 9/01/2034 5,196
---------------------------------------------------------------------------------------------------------
2,400 Madison County, New York, IDA, Civic Facility Revenue Bonds (Colgate University
Project), Series A, 5% due 7/01/2039 (e) 2,482
---------------------------------------------------------------------------------------------------------
6,600 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Bonds (Grand Central Terminal), Series 1, 5.70% due 7/01/2005 (d)(f) 6,745
---------------------------------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York, Commuter Facilities Revenue
Refunding Bonds, Series D (e):
460 5.125% due 1/01/2012 (f) 510
540 5.125% due 7/01/2022 (i) 566
---------------------------------------------------------------------------------------------------------
7,280 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue
Bonds, Series A, 5% due 11/15/2031 (b) 7,501
---------------------------------------------------------------------------------------------------------
7,500 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue
Refunding Bonds, Series A, 5.50% due 11/15/2026 (d) 8,321
---------------------------------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York, Revenue Bonds, Series A:
2,500 4.50% due 11/15/2034 (a) 2,440
2,150 4.50% due 11/15/2035 (e) 2,098
---------------------------------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York, Revenue Refunding Bonds:
3,000 RIB, Series 724X, 9.39% due 11/15/2032 (d)(g) 3,788
2,500 Series A, 5.50% due 11/15/2018 (a) 2,812
2,500 Series A, 5.25% due 11/15/2031 (b) 2,660
29,000 Series A, 5.75% due 11/15/2032 (d) 32,809
1,500 Series B, 5% due 11/15/2028 (e) 1,563
---------------------------------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York, Service Contract Revenue
Refunding Bonds, Series A (b):
3,500 5% due 7/01/2021 3,730
2,000 5% due 7/01/2025 2,100
---------------------------------------------------------------------------------------------------------
Metropolitan Transportation Authority, New York, Transit Facilities Revenue
Bonds (f):
1,215 Series C, 4.75% due 1/01/2012 (d) 1,317
2,535 Series C, 4.75% due 7/01/2012 (d) 2,754
1,000 Series C-1, 5.50% due 7/01/2008 (e) 1,093
---------------------------------------------------------------------------------------------------------
2,500 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds,
Series A, 5% due 11/15/2032 (b) 2,593
Portfolio Abbreviations
To simplify the listings of MuniHoldings New York Insured Fund, Inc.'s portfolio
holdings in the Schedule of Investments, we have abbreviated the names of many
of the securities according to the list at right.
AMT Alternative Minimum Tax (subject to)
DRIVERS Derivative Inverse Tax-Exempt Receipts
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
VRDN Variable Rate Demand Notes
6 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Schedule of Investments (continued) (in Thousands)
Face
Amount Municipal Bonds Value
===================================================================================================================================
New York (continued)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 6,300 Metropolitan Transportation Authority, New York, Transportation Revenue Refunding
Bonds, Series F, 5.25% due 11/15/2027 (e) $ 6,762
---------------------------------------------------------------------------------------------------------
2,385 Monroe Woodbury, New York, Central School District, GO, 5.625% due 5/15/2023 (e) 2,522
---------------------------------------------------------------------------------------------------------
1,410 Montgomery County, New York, IDA, Lease Revenue Bonds (Hamilton Fulton Montgomery
Board of Cooperative Educational Services Project), Series A, 5%
due 7/01/2034 (k) 1,457
---------------------------------------------------------------------------------------------------------
Nassau County, New York, Interim Finance Authority, Sales Tax Secured Revenue
Refunding Bonds, Series A-2 (a):
5,545 5.375% due 11/15/2006 (f) 5,866
460 5.375% due 11/15/2013 486
135 5.375% due 11/15/2014 143
---------------------------------------------------------------------------------------------------------
5,210 Nassau Health Care Corporation, New York, Health System Revenue Bonds, 5.75%
due 8/01/2009 (d)(f)(n) 5,909
---------------------------------------------------------------------------------------------------------
705 New York City, New York, City Health and Hospital Corporation, Health System
Revenue Bonds, Series A, 5.375% due 2/15/2026 734
---------------------------------------------------------------------------------------------------------
New York City, New York, City Health and Hospital Corporation, Health System
Revenue Refunding Bonds, Series A:
3,000 5.25% due 2/15/2012 (a) 3,304
2,000 5.25% due 2/15/2017 (e) 2,168
---------------------------------------------------------------------------------------------------------
2,340 New York City, New York, City Housing Development Corporation, M/F Housing
Revenue Bonds, AMT, Series H-2, 5.125% due 11/01/2034 2,345
---------------------------------------------------------------------------------------------------------
885 New York City, New York, City IDA, Civic Facility Revenue Bonds (Anti-Defamation
League Foundation), Series A, 5.50% due 6/01/2022 (e) 947
---------------------------------------------------------------------------------------------------------
1,200 New York City, New York, City IDA, Civic Facility Revenue Refunding Bonds
(Nightingale-Bamford School), 5.25% due 1/15/2017 (a) 1,312
---------------------------------------------------------------------------------------------------------
16,125 New York City, New York, City IDA, IDR (Japan Airlines Company), AMT, 6%
due 11/01/2015 (d) 16,762
---------------------------------------------------------------------------------------------------------
7,965 New York City, New York, City IDA, Parking Facility Revenue Bonds (Royal
Charter--New York Presbyterian), 5.75% due 12/15/2029 (d) 9,029
---------------------------------------------------------------------------------------------------------
5,000 New York City, New York, City IDA, Special Facilities Revenue Bonds (Terminal One
Group), AMT, 6.125% due 1/01/2024 (e) 5,076
---------------------------------------------------------------------------------------------------------
500 New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System Crossover Revenue Refunding Bonds, Series F, 5% due 6/15/2029 (d) 516
---------------------------------------------------------------------------------------------------------
New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds:
11,500 RIB, Series 726X, 9.39% due 6/15/2027 (e)(g) 14,235
2,850 Series A, 5.75% due 6/15/2031 (b) 3,147
3,970 Series B, 5.75% due 6/15/2006 (e)(f) 4,175
11,000 Series B, 5.75% due 6/15/2007 (e)(f) 11,877
---------------------------------------------------------------------------------------------------------
New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Refunding Bonds:
4,250 Series A, 5.50% due 6/15/2005 (b)(f) 4,292
6,800 Series A, 5.50% due 6/15/2005 (e)(f) 6,867
2,250 Series A, 5.375% due 6/15/2026 (d) 2,336
1,250 Series A, 5.125% due 6/15/2034 (e) 1,301
7,380 Series B, 5.75% due 6/15/2006 (e)(f) 7,762
325 VRDN, Series G, 1.71% due 6/15/2024 (b)(h) 325
---------------------------------------------------------------------------------------------------------
New York City, New York, City Transitional Finance Authority, Future Tax Secured
Revenue Bonds:
6,405 Series B, 6.25% due 11/15/2018 (b) 7,374
3,170 Series C, 5.50% due 5/01/2025 3,424
16,200 Series C, 5% due 2/01/2033 (b) 16,802
2,500 Series E, 5.25% due 2/01/2022 (e) 2,711
---------------------------------------------------------------------------------------------------------
New York City, New York, City Transitional Finance Authority Revenue Bonds,
Series B (e)(f):
1,145 5.50% due 2/01/2012 1,277
805 5.50% due 2/01/2013 900
---------------------------------------------------------------------------------------------------------
1,000 New York City, New York, City Transitional Finance Authority, Revenue Refunding
Bonds, Series A, 5% due 11/15/2026 (b) 1,044
---------------------------------------------------------------------------------------------------------
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 7
Schedule of Investments (continued) (in Thousands)
Face
Amount Municipal Bonds Value
===================================================================================================================================
New York (continued)
- -----------------------------------------------------------------------------------------------------------------------------------
New York City, New York, GO:
$ 4,750 RIB, Series 725X, 9.39% due 3/15/2027 (d)(g) $ 5,917
4,500 Series B, 5.75% due 8/01/2013 (e) 5,089
3,750 Series D, 5.25% due 10/15/2023 3,985
5,000 Series D, 5% due 11/01/2034 5,166
2,500 Series E, 5% due 11/01/2016 (d) 2,722
925 Series I, 6.25% due 4/15/2007 (e)(f) 1,004
925 Series I, 6.25% due 4/15/2027 (e) 997
8,000 Series J, 5% due 5/15/2023 8,354
6,000 Series J, 5% due 3/01/2030 6,205
1,150 Sub-Series C-1, 5.25% due 8/15/2026 1,235
---------------------------------------------------------------------------------------------------------
New York City, New York, GO, Refunding:
880 Series A, 6.375% due 5/15/2010 (b)(f) 1,027
120 Series A, 6.375% due 5/15/2013 (b) 139
3,700 Series A, 6.25% due 5/15/2026 (d) 4,243
2,355 Series G, 5.75% due 2/01/2006 (f) 2,462
2,000 Series G, 5% due 12/01/2020 2,107
1,295 Series G, 5.75% due 2/01/2020 1,346
1,200 Series G, 5% due 12/01/2033 1,240
---------------------------------------------------------------------------------------------------------
New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds,
Series A (a):
2,500 5.25% due 10/15/2027 2,704
10,750 5% due 10/15/2032 11,217
1,745 4.50% due 10/15/2033 1,709
---------------------------------------------------------------------------------------------------------
New York City, New York, Trust for Cultural Resources Revenue Refunding Bonds
(American Museum of Natural History), Series A (e):
4,250 5% due 7/01/2036 4,434
6,000 5% due 7/01/2044 6,178
---------------------------------------------------------------------------------------------------------
2,300 New York State Dormitory Authority, Hospital Revenue Bonds (New York Methodist
Hospital), Series A, 6.05% due 8/01/2006 (a)(c)(f) 2,458
---------------------------------------------------------------------------------------------------------
New York State Dormitory Authority, Hospital Revenue Refunding Bonds:
1,000 (New York Presbyterian Hospital), 5.50% due 8/01/2011 (a)(c) 1,114
2,300 (New York Presbyterian Hospital), Series A, 5.25% due 8/15/2019 (d) 2,513
2,000 (North General Hospital), 5.75% due 2/15/2017 (k) 2,245
---------------------------------------------------------------------------------------------------------
New York State Dormitory Authority, Lease Revenue Bonds:
1,535 (Municipal Health Facilities Improvement Program), Series 1, 5.50%
due 1/15/2014 (d) 1,710
645 (Office Facilities Audit and Control), 5.50% due 4/01/2023 (e) 703
---------------------------------------------------------------------------------------------------------
1,230 New York State Dormitory Authority, Mental Health Facilities Revenue Bonds,
Series B, 5.25% due 2/15/2017 (e) 1,352
---------------------------------------------------------------------------------------------------------
New York State Dormitory Authority Revenue Bonds:
1,340 (853 Schools Program), Issue 2, Series E, 5.75% due 7/01/2019 (a) 1,494
1,200 (Cooper Union of Advance Science), 6.25% due 7/01/2029 (e) 1,357
2,058 (Gustavus Adolphus Childrens School), Series B, 5.50% due 7/01/2018 (a) 2,269
6,750 (Interfaith Medical Center), Series D, 5.40% due 2/15/2028 (e) 7,207
1,585 (Long Island University), Series B, 5.50% due 9/01/2020 (l) 1,724
1,250 (Long Island University), Series B, 5.25% due 9/01/2028 (l) 1,322
1,835 (Mental Health Services Facilities Improvement), Series B, 5.25%
due 2/15/2023 1,965
1,100 (Mental Health Services Facilities Improvement), Series D, 5.875%
due 2/15/2015 (d) 1,229
1,180 (New York State Rehabilitation Association), Series A, 5.25%
due 7/01/2019 (j) 1,276
1,000 (New York State Rehabilitation Association), Series A, 5.125%
due 7/01/2023 (j) 1,057
1,845 (Pace University), 6% due 7/01/2019 (e) 2,107
3,500 (Pace University), 6% due 7/01/2029 (e) 3,961
2,150 (Saint Barnabas Hospital), 5.45% due 8/01/2035 (a)(c) 2,287
1,240 (School Districts Financing Program), Series D, 5% due 10/01/2030 (e) 1,283
6,900 (School Districts Financing Program), Series E, 5.75% due 10/01/2030 (e) 7,804
1,400 (State University Educational Facilities), Series B, 5.75%
due 5/15/2010 (d)(f) 1,592
1,595 (Upstate Community Colleges), Series A, 6% due 7/01/2010 (d)(f) 1,823
8 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Schedule of Investments (continued) (in Thousands)
Face
Amount Municipal Bonds Value
===================================================================================================================================
New York (continued)
- -----------------------------------------------------------------------------------------------------------------------------------
New York State Dormitory Authority, Revenue Refunding Bonds:
$ 3,700 (Bronx-Lebanon Hospital Center), Series E, 5.20% due 2/15/2013 (e) $ 3,964
1,865 (City University System), Series 1, 5.25% due 7/14/2014 (b) 2,017
3,400 (Saint Charles Hospital and Rehabilitation Center), Series A, 5.625%
due 7/01/2012 (e) 3,701
1,370 (School District Financing Program), Series I, 5.75% due 10/01/2018 (e) 1,566
4,550 Series B, 5.50% due 2/15/2007 (e)(f) 4,856
---------------------------------------------------------------------------------------------------------
New York State Dormitory Authority, State Personal Income Tax Education Revenue
Bonds, Series A:
6,700 5% due 3/15/2013 (e)(f) 7,406
370 4.25% due 3/15/2030 (a) 350
1,000 4.50% due 3/15/2034 (e) 979
---------------------------------------------------------------------------------------------------------
6,500 New York State Dormitory Authority, State University Educational Facilities
Revenue Refunding Bonds (1989 Resources), 6% due 5/15/2012 (e) 7,423
---------------------------------------------------------------------------------------------------------
New York State Energy Research and Development Authority, Facilities Revenue
Refunding Bonds (Consolidated Edison Co. of New York), Series A:
12,505 6.10% due 8/15/2020 (a) 12,904
3,500 6.10% due 8/15/2020 (e) 3,611
---------------------------------------------------------------------------------------------------------
6,000 New York State Energy Research and Development Authority, PCR, Refunding (Central
Hudson Gas and Electric), Series A, 5.45% due 8/01/2027 (a) 6,509
---------------------------------------------------------------------------------------------------------
4,000 New York State Environmental Facilities Corporation, State Clean Water and
Drinking Water Revolving Funds Revenue Bonds (Pooled Financing Program), Series A,
4.50% due 11/15/2034 3,916
---------------------------------------------------------------------------------------------------------
4,400 New York State Environmental Facilities Corporation, Water Facilities Revenue
Refunding Bonds (Spring Valley Water Company), Series B, 6.15% due 8/01/2024 (a) 4,502
---------------------------------------------------------------------------------------------------------
New York State, HFA, Revenue Refunding Bonds:
2,000 (Fulton Manor), Series A, 6.10% due 11/15/2025 (a)(c) 2,075
1,560 (Housing Mortgage Project), Series A, 6.10% due 11/01/2015 (d) 1,629
2,035 (Nursing Home and Health Care Project), Series A, 4.60% due 11/01/2006 (e) 2,100
---------------------------------------------------------------------------------------------------------
750 New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds
(Economic Development and Housing), Series A, 5% due 9/15/2023 (e) 792
---------------------------------------------------------------------------------------------------------
5,000 New York State Local Government Assistance Corporation, Revenue Refunding Bonds,
Sub-Lien, VRDN, Series 3V, 1.82% due 4/01/2024 (b)(h) 5,000
---------------------------------------------------------------------------------------------------------
6,800 New York State Medical Care Facilities, Mortgage Finance Agency Revenue Bonds
(Montefiore Medical Center), Series A, 5.75% due 2/15/2025 (a)(c) 6,953
---------------------------------------------------------------------------------------------------------
2,805 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, AMT, Series 84,
5.90% due 4/01/2022 (e) 2,944
---------------------------------------------------------------------------------------------------------
New York State Mortgage Agency, Homeowner Mortgage Revenue Refunding Bonds:
2,140 AMT, Series 67, 5.70% due 10/01/2017 (e) 2,206
13,425 AMT, Series 67, 5.80% due 10/01/2028 (e) 13,832
1,000 Series 61, 5.80% due 10/01/2017 1,028
2,100 Series 83, 5.55% due 10/01/2027 (e) 2,177
---------------------------------------------------------------------------------------------------------
New York State Mortgage Agency Revenue Bonds, AMT, Series 27:
3,500 5.80% due 10/01/2020 3,674
5,700 5.875% due 4/01/2030 (e) 6,008
---------------------------------------------------------------------------------------------------------
1,530 New York State Mortgage Agency, Revenue Refunding Bonds, AMT, Series 82, 5.65%
due 4/01/2030 (e) 1,588
---------------------------------------------------------------------------------------------------------
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 9
Schedule of Investments (continued) (in Thousands)
Face
Amount Municipal Bonds Value
===================================================================================================================================
New York (continued)
- -----------------------------------------------------------------------------------------------------------------------------------
New York State Municipal Bond Bank Agency, Special School Purpose Revenue Bonds,
Series C:
$ 2,000 5.25% due 6/01/2019 $ 2,165
3,900 5.25% due 6/01/2020 4,211
2,250 5.25% due 6/01/2021 2,421
---------------------------------------------------------------------------------------------------------
New York State Thruway Authority, Highway and Bridge Trust Fund Revenue Bonds,
Series B-1 (b):
5,000 5.75% due 4/01/2013 5,635
3,000 5.75% due 4/01/2014 3,381
---------------------------------------------------------------------------------------------------------
3,095 New York State Thruway Authority, Local Highway and Bridge Service Contract
Revenue Refunding Bonds, 6% due 4/01/2012 (e) 3,366
---------------------------------------------------------------------------------------------------------
3,045 New York State Thruway Authority, Second General Highway and Bridge Trust Fund
Revenue Bonds, Series A, 5.25% due 4/01/2023 (e) 3,306
---------------------------------------------------------------------------------------------------------
1,400 New York State Thruway, Transportation Authority, State Personal Income Tax
Revenue Bonds, Series A, 5% due 3/15/2020 (e) 1,495
---------------------------------------------------------------------------------------------------------
3,000 New York State Urban Development Corporation, Personal Income Tax Revenue Bonds,
Series C-1, 5% due 3/15/2013 (e)(f) 3,316
---------------------------------------------------------------------------------------------------------
1,095 Niagara Falls, New York, Public Water Authority, Water and Sewer System Revenue
Bonds, Series A, 5.50% due 7/15/2026 (e) 1,133
---------------------------------------------------------------------------------------------------------
1,700 Oneida County, New York, IDA, Civic Facilities Revenue Bonds (Mohawk Valley),
Series A, 5.20% due 2/01/2013 (d) 1,828
---------------------------------------------------------------------------------------------------------
1,800 Oneida-Herkimer, New York, Solid Waste Management Authority, Solid Waste Revenue
Refunding Bonds, 5.50% due 4/01/2013 (d) 2,015
---------------------------------------------------------------------------------------------------------
2,500 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, AMT, 137th
Series, 5.125% due 7/15/2030 (d) 2,625
---------------------------------------------------------------------------------------------------------
6,000 Port Authority of New York and New Jersey, Revenue Refunding Bonds, DRIVERS, AMT,
Series 177, 9.82% due 10/15/2032 (e)(g) 6,948
---------------------------------------------------------------------------------------------------------
13,365 Port Authority of New York and New Jersey, Special Obligation Revenue Bonds,
DRIVERS AMT, Series 278, 9.318% due 12/01/2022 (e)(g) 15,528
---------------------------------------------------------------------------------------------------------
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds
(JFK International Air Terminal LLC), Series 6, AMT (e):
3,000 6.25% due 12/01/2011 3,418
7,830 6.25% due 12/01/2015 9,054
7,000 5.90% due 12/01/2017 7,606
---------------------------------------------------------------------------------------------------------
2,340 Rome, New York, City School District, GO, 5.50% due 6/15/2017 (d) 2,587
---------------------------------------------------------------------------------------------------------
5,000 Schenectady, New York, IDA, Civic Facility Revenue Bonds (Union College Project),
Series A, 5.45% due 12/01/2029 (a) 5,458
---------------------------------------------------------------------------------------------------------
3,000 Schenectady, New York, IDA, Civic Facility Revenue Refunding Bonds (Union College
Project), Series A, 5.625% due 7/01/2031 (a) 3,334
---------------------------------------------------------------------------------------------------------
4,355 Suffolk County, New York, IDA, IDR (Keyspan--Port Jefferson), AMT, 5.25%
due 6/01/2027 4,510
---------------------------------------------------------------------------------------------------------
Suffolk County, New York, IDA, Solid Waste Disposal Facility, Revenue Refunding
Bonds (Ogden Martin System Huntington Project), AMT (a):
4,660 6% due 10/01/2010 5,272
5,000 6.15% due 10/01/2011 5,745
3,530 6.25% due 10/01/2012 4,108
---------------------------------------------------------------------------------------------------------
Tobacco Settlement Financing Corporation of New York Revenue Bonds:
5,000 Series A-1, 5.25% due 6/01/2020 (a) 5,414
20,275 Series A-1, 5.25% due 6/01/2021 (a) 21,864
2,000 Series A-1, 5.25% due 6/01/2022 (a) 2,149
3,700 Series C-1, 5.50% due 6/01/2021 4,079
---------------------------------------------------------------------------------------------------------
10 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Schedule of Investments (continued) (in Thousands)
Face
Amount Municipal Bonds Value
===================================================================================================================================
New York (concluded)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,500 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue
Refunding Bonds, Series A, 5% due 1/01/2032 (e) $ 2,576
---------------------------------------------------------------------------------------------------------
Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds (e):
12,000 5.25% due 11/15/2023 13,066
8,315 5% due 11/15/2032 8,594
1,500 Series B, 5% due 11/15/2032 1,550
---------------------------------------------------------------------------------------------------------
Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Bonds:
2,465 5% due 11/15/2028 (a) 2,569
6,000 Series A, 5.25% due 11/15/2030 (e) 6,410
---------------------------------------------------------------------------------------------------------
2,000 United Nations Development Corporation, New York, Revenue Refunding Bonds, Senior
Lien, Series A, 5.25% due 7/01/2020 2,090
---------------------------------------------------------------------------------------------------------
680 Warren & Washington Counties, New York, IDA, Civic Facility Revenue Bonds (Glens
Falls Hospital Project), Series A, 5% due 12/01/2035 (d) 702
---------------------------------------------------------------------------------------------------------
7,000 Westchester County, New York, IDA, Civic Facility Revenue Bonds (Purchase College
Foundation Housing Project), Series A, 5.75% due 12/01/2031 (a) 7,915
---------------------------------------------------------------------------------------------------------
1,795 Yonkers, New York, GO, Series A, 5.75% due 10/01/2015 (b) 2,035
---------------------------------------------------------------------------------------------------------
===================================================================================================================================
Puerto Rico--13.4%
- -----------------------------------------------------------------------------------------------------------------------------------
Puerto Rico Commonwealth, GO, Refunding, Series A:
9,395 4% due 7/01/2031 (b) 9,623
2,500 5% due 7/01/2031 (d) 2,726
---------------------------------------------------------------------------------------------------------
Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Bonds:
4,800 5.25% due 7/01/2017 (b) 5,311
1,250 Trust Receipts, Class R, Series B, 9.583% due 7/01/2035 (e)(g) 1,578
---------------------------------------------------------------------------------------------------------
15,495 Puerto Rico Commonwealth, Highway and Transportation Authority, Transportation
Revenue Refunding Bonds, Series D, 5.75% due 7/01/2041 17,393
---------------------------------------------------------------------------------------------------------
Puerto Rico Commonwealth, Public Improvement, GO, Series A:
4,600 5.25% due 7/01/2019 4,977
7,475 5.25% due 7/01/2020 8,066
---------------------------------------------------------------------------------------------------------
4,750 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series NN, 5.125%
due 7/01/2029 4,971
---------------------------------------------------------------------------------------------------------
3,000 Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding
Bonds, Series J, 5% due 7/01/2036 (a) 3,271
---------------------------------------------------------------------------------------------------------
5,600 Puerto Rico Public Finance Corporation Revenue Bonds, DRIVERS, Series 272, 9.208%
due 8/01/2030 (g) 6,254
---------------------------------------------------------------------------------------------------------
===================================================================================================================================
Guam--1.1%
- -----------------------------------------------------------------------------------------------------------------------------------
A.B. Won Guam International Airport Authority, General Revenue Refunding Bonds,
AMT, Series C (e):
3,700 5.25% due 10/01/2021 3,962
1,050 5.25% due 10/01/2022 1,124
---------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost--$747,725)--164.8% 787,065
=========================================================================================================
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 11
Schedule of Investments (concluded) (in Thousands)
Shares
Held Short-Term Securities Value
=========================================================================================================
4,229 CMA New York Municipal Money Fund (m) $ 4,229
---------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost--$4,229)--0.9% 4,229
=========================================================================================================
Total Investments (Cost--$751,954*)--165.7% 791,294
Liabilities in Excess of Other Assets--(0.1%) (760)
Preferred Stock, at Redemption Value--(65.6%) (313,036)
---------
Net Assets Applicable to Common Stock--100.0% $ 477,498
=========
* The cost and unrealized appreciation (depreciation) of investments as of
February 28, 2005, as computed for federal income tax purposes, were as
follows:
(in Thousands)
-------------------------------------------------------------------------
Aggregate cost ............................................ $751,856
========
Gross unrealized appreciation ............................. $ 40,014
Gross unrealized depreciation ............................. (576)
--------
Net unrealized appreciation ............................... $ 39,438
========
(a) AMBAC Insured.
(b) FGIC Insured.
(c) FHA Insured.
(d) FSA Insured.
(e) MBIA Insured.
(f) Prerefunded.
(g) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(h) Security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically
based upon prevailing market rates.
(i) Escrowed to maturity.
(j) CIFG Insured.
(k) XL Capital Insured.
(l) Radian Insured.
(m) Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2 (a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
CMA New York Municipal Money Fund 4,201 $5
--------------------------------------------------------------------------
(n) All, or a portion of security, held as collateral in connection with open
financial futures contracts. Forward interest rate swaps outstanding as of
February 28, 2005 were as follows:
(in Thousands)
--------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
--------------------------------------------------------------------------
Receive a variable rate equal to 7-Day
Bond Market Association Municipal
Swap Index Rate and pay a fixed
rate of 3.6525%
Broker, Morgan Stanley Capital Services, Inc.
Expires March 2015 $78,000 $156
--------------------------------------------------------------------------
Financial futures contracts sold as of February 28, 2005 were as follows:
(in Thousands)
--------------------------------------------------------------------------
Number of Expiration Face Unrealized
Contracts Issue Date Value Appreciation
--------------------------------------------------------------------------
505 Ten-Year U.S. March
Treasury Bond 2005 $56,192 $200
--------------------------------------------------------------------------
See Notes to Financial Statements.
12 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Statement of Net Assets
As of February 28, 2004
===================================================================================================================
Assets
- -------------------------------------------------------------------------------------------------------------------
Investments in unaffiliated securities, at value
(identified cost--$747,725,146) ........................ $ 787,064,868
Investments in affiliated securities, at value
(identified cost--$4,229,477) .......................... 4,229,477
Cash .................................................... 2,621,581
Unrealized appreciation on forward interest rate swaps .. 156,312
Receivables:
Interest ............................................. $ 9,976,497
Securities sold ...................................... 3,814,324
Variation margin ..................................... 268,281
Dividends from affiliates ............................ 180 14,059,282
-------------
Prepaid expenses and other assets ....................... 14,546
-------------
Total assets ............................................ 808,146,066
-------------
===================================================================================================================
Liabilities
- -------------------------------------------------------------------------------------------------------------------
Payables:
Securities purchased ................................. 17,083,788
Investment adviser ................................... 245,126
Dividends to Common Stock shareholders ............... 191,142
Other affiliates ..................................... 7,015 17,527,071
-------------
Accrued expenses ........................................ 85,217
-------------
Total liabilities ....................................... 17,612,288
-------------
===================================================================================================================
Preferred Stock
- -------------------------------------------------------------------------------------------------------------------
Preferred Stock, at redemption value, par value $.10 per
share (1,900 Series A Shares, 1,900 Series B Shares,
3,040 Series C Shares, 3,680 Series D Shares and 2,000
Series E Shares of AMPS* authorized, issued and
outstanding at $25,000 per share liquidation preference) 313,036,025
-------------
===================================================================================================================
Net Assets Applicable to Common Stock
- -------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common Stock ................... $ 477,497,753
=============
===================================================================================================================
Analysis of Net Assets Applicable to Common Stock
- -------------------------------------------------------------------------------------------------------------------
Common Stock, par value $.10 per share (30,784,615 shares
issued and outstanding) ................................ $ 3,078,462
Paid-in capital in excess of par ........................ 474,902,115
Undistributed investment income--net .................... $ 6,572,261
Accumulated realized capital losses--net ................ (46,751,414)
Unrealized appreciation--net ............................ 39,696,329
-------------
Total accumulated losses--net ........................... (482,824)
-------------
Total--Equivalent to $15.51 net asset value per share of
Common Stock (market price--$14.48) .................... $ 477,497,753
=============
* Auction Market Preferred Stock.
See Notes to Financial Statements.
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 13
Statement of Operations
For the Six Months Ended February 28, 2005
===================================================================================================================
Investment Income
- -------------------------------------------------------------------------------------------------------------------
Interest ................................................ $ 18,217,802
Dividends from affiliates ............................... 4,722
-------------
Total income ............................................ 18,222,524
-------------
===================================================================================================================
Expenses
- -------------------------------------------------------------------------------------------------------------------
Investment advisory fees ................................ $ 2,155,203
Commission fees ......................................... 395,597
Accounting services ..................................... 121,347
Transfer agent fees ..................................... 43,787
Professional fees ....................................... 27,501
Printing and shareholder reports ........................ 22,788
Custodian fees .......................................... 20,250
Directors' fees and expenses ............................ 16,707
Pricing fees ............................................ 14,856
Listing fees ............................................ 12,154
Other ................................................... 27,853
-------------
Total expenses before reimbursement and waiver .......... 2,858,043
Reimbursement and waiver of expenses .................... (164,366)
-------------
Total expenses after reimbursement and waiver ........... 2,693,677
-------------
Investment income--net .................................. 15,528,847
-------------
===================================================================================================================
Realized & Unrealized Gain (Loss)--Net
- -------------------------------------------------------------------------------------------------------------------
Realized gain (loss) on:
Investments--net ..................................... 445,428
Futures contracts and swaps--net ..................... (3,698,837) (3,253,409)
-------------
Change in unrealized appreciation (depreciation) on:
Investments--net ..................................... 3,357,426
Futures contracts and swaps--net ..................... 4,158,613 7,516,039
-------------------------------
Total realized and unrealized gain--net ................. 4,262,630
-------------
===================================================================================================================
Dividends to Preferred Stock Shareholders
- -------------------------------------------------------------------------------------------------------------------
Investment income--net .................................. (2,058,470)
-------------
Net Increase in Net Assets Resulting from Operations .... $ 17,733,007
=============
See Notes to Financial Statements.
14 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Statements of Changes in Net Assets
For the Six For the
Months Ended Year Ended
February 28, August 31,
Increase (Decrease) in Net Assets: 2005 2004
===================================================================================================================
Operations
- -------------------------------------------------------------------------------------------------------------------
Investment income--net .................................. $ 15,528,847 $ 32,292,063
Realized loss--net ...................................... (3,253,409) (8,733,114)
Change in unrealized appreciation (depreciation)--net ... 7,516,039 14,608,114
Dividends to Preferred Stock shareholders ............... (2,058,470) (2,600,404)
-------------------------------
Net increase in net assets resulting from operations .... 17,733,007 35,566,659
-------------------------------
===================================================================================================================
Dividends to Common Stock Shareholders
- -------------------------------------------------------------------------------------------------------------------
Investment income--net .................................. (14,591,908) (28,722,046)
-------------------------------
Net decrease in net assets resulting from dividends to
Common Stock shareholders .............................. (14,591,908) (28,722,046)
-------------------------------
===================================================================================================================
Net Assets Applicable to Common Stock
- -------------------------------------------------------------------------------------------------------------------
Total increase in net assets applicable to Common Stock . 3,141,099 6,844,613
Beginning of period ..................................... 474,356,654 467,512,041
-------------------------------
End of period* .......................................... $ 477,497,753 $ 474,356,654
===============================
* Undistributed investment income--net ............... $ 6,572,261 $ 7,693,792
===============================
See Notes to Financial Statements.
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 15
Financial Highlights
For the Six For the Year Ended
Months Ended August 31,
The following per share data and ratios have been derived February 28, -----------------------------------------------
from information provided in the financial statements. 2005 2004 2003 2002 2001
==================================================================================================================================
Per Share Operating Performance
- ----------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period ............ $ 15.41 $ 15.19 $ 15.66 $ 15.78 $ 14.19
-------------------------------------------------------------
Investment income--net** ........................ .50 1.05 1.09 1.07 1.12
Realized and unrealized gain (loss)--net ........ .14 .18 (.58) (.19) 1.52
Dividends to Preferred Stock shareholders from
investment income--net ......................... (.07) (.08) (.08) (.12) (.27)
Capital charge resulting from issuance of
Preferred Stock ................................ -- -- -- -- --@
-------------------------------------------------------------
Total from investment operations ................ .57 1.15 .43 .76 2.37
-------------------------------------------------------------
Less dividends to Common Stock shareholders from
investment income--net ......................... (.47) (.93) (.90) (.88) (.78)
Capital charge resulting from issuance of Common
Stock .......................................... -- -- -- -- --@
-------------------------------------------------------------
Net asset value, end of period .................. $ 15.51 $ 15.41 $ 15.19 $ 15.66 $ 15.78
=============================================================
Market price per share, end of period ........... $ 14.48 $ 14.10 $ 13.79 $ 14.37 $ 14.37
=============================================================
==================================================================================================================================
Total Investment Return+
- ----------------------------------------------------------------------------------------------------------------------------------
Based on net asset value per share .............. 4.06%@@ 8.36% 3.32% 5.68% 17.97%
=============================================================
Based on market price per share ................. 6.17%@@ 9.21% 2.22% 6.49% 20.75%
=============================================================
==================================================================================================================================
Ratios Based on Average Net Assets of Common Stock
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of reimbursement and waiver
excluding reorganization expenses*** ........... 1.14%* 1.14% 1.13% 1.16% 1.14%
=============================================================
Total expenses, excluding reorganization
expenses*** .................................... 1.21%* 1.21% 1.20% 1.23% 1.24%
=============================================================
Total expenses*** ............................... 1.21%* 1.21% 1.20% 1.26% 1.32%
=============================================================
Total investment income--net*** ................. 6.56%* 6.80% 6.96% 7.01% 7.46%
=============================================================
Amount of dividends to Preferred Stock
shareholders ................................... .87%* .55% .68% .98% 2.22%
=============================================================
Investment income--net, to Common Stock
shareholders ................................... 5.69%* 6.25% 6.28% 6.03% 5.24%
=============================================================
16 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Financial Highlights (concluded)
For the Six For the Year Ended
Months Ended August 31,
The following per share data and ratios have been derived February 28, -----------------------------------------------
from information provided in the financial statements. 2005 2004 2003 2002 2001
==================================================================================================================================
Ratios Based on Average Net Assets of Common & Preferred Stock***
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses, net of reimbursement and waiver
excluding reorganization expenses .............. .69%* .68% .68% .70% .68%
=============================================================
Total expenses, excluding reorganization expenses .73%* .73% .73% .74% .74%
=============================================================
Total expenses .................................. .73%* .73% .73% .76% .78%
=============================================================
Total investment income--net .................... 3.96%* 4.10% 4.22% 4.21% 4.41%
=============================================================
==================================================================================================================================
Ratios Based on Average Net Assets of Preferred Stock
- ----------------------------------------------------------------------------------------------------------------------------------
Dividends to Preferred Stock shareholders ....... 1.33%* .83% 1.05% 1.47% 3.21%
=============================================================
==================================================================================================================================
Supplemental Data
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common Stock, end of
period (in thousands) .......................... $477,498 $474,357 $467,512 $482,184 $485,790
=============================================================
Preferred Stock outstanding, end of period
(in thousands) ................................. $313,000 $313,000 $313,000 $313,000 $313,000
=============================================================
Portfolio turnover .............................. 11.71% 32.04% 59.02% 86.39% 94.03%
=============================================================
==================================================================================================================================
Leverage
- ----------------------------------------------------------------------------------------------------------------------------------
Asset coverage per $1,000 ....................... $ 2,526 $ 2,516 $ 2,494 $ 2,541 $ 2,552
=============================================================
==================================================================================================================================
Dividends Per Share on Preferred Stock Outstanding
- ----------------------------------------------------------------------------------------------------------------------------------
Series A--Investment income--net ................ $ 159 $ 197 $ 247 $ 347 $ 765
=============================================================
Series B--Investment income--net ................ $ 145 $ 182 $ 236 $ 348 $ 784
=============================================================
Series C--Investment income--net ................ $ 176 $ 201 $ 258 $ 377 $ 843
=============================================================
Series D--Investment income--net ................ $ 174 $ 238 $ 287 $ 391 $ 842
=============================================================
Series E--Investment income--net ................ $ 153 $ 198 $ 256 $ 347 $ 818
=============================================================
* Annualized.
** Based on average shares outstanding.
*** Do not reflect the effect of dividends to Preferred Stock shareholders.
+ Total investment returns based on market value, which can be significantly
greater or lesser than the net asset value, may result in substantially
different returns. Total investment returns exclude the effects of sales
charges.
@ Amount is less than $(.01) per share.
@@ Aggregate total investment return.
See Notes to Financial Statements.
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 17
Notes to Financial Statements
1. Significant Accounting Policies:
MuniHoldings New York Insured Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended, as a non-diversified, closed-end
management investment company. The Fund's financial statements are prepared in
conformity with U.S. generally accepted accounting principles, which may require
the use of management accruals and estimates. Actual results may differ from
these estimates. These unaudited financial statements reflect all adjustments,
which are, in the opinion of management, necessary to present a fair statement
of the results for the interim period. All such adjustments are of a normal,
recurring nature. The Fund determines and makes available for publication the
net asset value of its Common Stock on a daily basis. The Fund's Common Stock is
listed on the New York Stock Exchange under the symbol MHN. The following is a
summary of significant accounting policies followed by the Fund.
(a) Valuation of investments -- Municipal bonds are traded primarily in the
over-the-counter markets and are valued at the last available bid price in the
over-the-counter market or on the basis of values as obtained by a pricing
service. Pricing services use valuation matrixes that incorporate both
dealer-supplied valuations and valuation models. The procedures of the pricing
service and its valuations are reviewed by the officers of the Fund under the
general direction of the Board of Directors. Such valuations and procedures are
reviewed periodically by the Board of Directors of the Fund. Financial futures
contracts and options thereon, which are traded on exchanges, are valued at
their closing prices as of the close of such exchanges. Options written or
purchased are valued at the last sale price in the case of exchange-traded
options. In the case of options traded in the over-the-counter market, valuation
is the last asked price (options written) or the last bid price (options
purchased). Swap agreements are valued by quoted fair values received daily by
the Fund's pricing service. Short-term investments with a remaining maturity of
60 days or less are valued at amortized cost, which approximates market value,
under which method the investment is valued at cost and any premium or discount
is amortized on a straight line basis to maturity. Investments in open-end
investment companies are valued at their net asset value each business day.
Securities and other assets for which market quotations are not readily
available are valued at fair value as determined in good faith by or under the
direction of the Board of Directors of the Fund.
(b) Derivative financial instruments -- The Fund may engage in various portfolio
investment strategies both to increase the return of the Fund and to hedge, or
protect, its exposure to interest rate movements and movements in the securities
markets. Losses may arise due to changes in the value of the contract or if the
counterparty does not perform under the contract.
o Financial futures contracts -- The Fund may purchase or sell financial
futures contracts and options on such futures contracts. Futures contracts
are contracts for delayed delivery of securities at a specific future date
and at a specific price or yield. Upon entering into a contract, the Fund
deposits and maintains as collateral such initial margin as required by
the exchange on which the transaction is effected. Pursuant to the
contract, the Fund agrees to receive from or pay to the broker an amount
of cash equal to the daily fluctuation in value of the contract. Such
receipts or payments are known as variation margin and are recorded by the
Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value
of the contract at the time it was opened and the value at the time it was
closed.
o Options -- The Fund may purchase and write call and put options. When the
Fund writes an option, an amount equal to the premium received by the Fund
is reflected as an asset and an equivalent liability. The amount of the
liability is subsequently marked-to-market to reflect the current market
value of the option written. When a security is purchased or sold through
an exercise of an option, the related premium paid (or received) is added
to (or deducted from) the basis of the security acquired or deducted from
(or added to) the proceeds of the security sold. When an option expires
(or the Fund enters into a closing transaction), the Fund realizes a gain
or loss on the option to the extent of the premiums received or paid (or
gain or loss to the extent the cost of the closing transaction exceeds the
premium paid or received).
Written and purchased options are non-income producing investments.
o Forward interest rate swaps -- The Fund may enter into forward interest
rate swaps. In a forward interest rate swap, the Fund and the counterparty
agree to make periodic net payments on a specified notional contract
amount, commencing on a specified future effective date, unless terminated
earlier. When the agreement is closed, the Fund records a realized gain or
loss in an amount equal to the value of the agreement.
18 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Notes to Financial Statements (concluded)
(c) Income taxes -- It is the Fund's policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its taxable income to its shareholders.
Therefore, no federal income tax provision is required.
(d) Security transactions and investment income -- Security transactions are
recorded on the dates the transactions are entered into (the trade dates).
Realized gains and losses on security transactions are determined on the
identified cost basis. Dividend income is recorded on the ex-dividend dates.
Interest income is recognized on the accrual basis. The Fund amortizes all
premiums and discounts on debt securities.
(e) Dividends and distributions -- Dividends from net investment income are
declared and paid monthly. Distributions of capital gains are recorded on the
ex-dividend dates.
2. Investment Advisory Agreement and Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund Asset
Management, L.P. ("FAM"). The general partner of FAM is Princeton Services, Inc.
("PSI"), an indirect, wholly-owned subsidiary of Merrill Lynch & Co., Inc. ("ML
& Co."), which is the limited partner.
FAM is responsible for the management of the Fund's portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary
to the operations of the Fund. For such services, the Fund pays a monthly fee at
an annual rate of .55% of the Fund's average weekly net assets, including
proceeds from the issuance of Preferred Stock. For the six months ended February
28, 2005, FAM earned fees of $2,155,203, of which $162,752 was waived. For the
six months ended February 28, 2005, FAM reimbursed the Fund in the amount of
$1,614.
For the six months ended February 28, 2005, the Fund reimbursed FAM $8,386 for
certain accounting services.
Certain officers and/or directors of the Fund are officers and/or directors of
FAM, PSI, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six
months ended February 28, 2005 were $92,782,826 and $90,929,040, respectively.
4. Stock Transactions:
Common Stock
The Fund is authorized to issue 200,000,000 shares of stock, including Preferred
Stock, par value $.10 per share, all of which were initially classified as
Common Stock. The Board of Directors is authorized, however, to reclassify any
unissued shares of stock without approval of holders of Common Stock.
Preferred Stock
Auction Market Preferred Stock are redeemable shares of Preferred Stock of the
Fund with a par value of $.10 per share and a liquidation preference of $25,000
per share plus accrued and unpaid dividends, that entitle their holders to
receive cash dividends at an annual rate that may vary for the successive
dividend periods for each series. The yields in effect at February 28, 2005 were
as follows: Series A, 1.19%; Series B, 1.25%; Series C, 1.65%; Series D, 1.50%;
and Series E, 1.25%.
The Fund pays commissions to certain broker-dealers at the end of each auction
at an annual rate ranging from .25% to .375%, calculated on the proceeds of each
auction. For the six months ended February 28, 2005, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, an affiliate of FAM, earned $153,974 as
commissions.
5. Capital Loss Carryforward:
On August 31, 2004, the Fund had a net capital loss carryforward of $21,131,706
of which $566,530 expires in 2007; $3,509,287 expires in 2008 and $17,055,889
expires in 2009. This amount will be available to offset like amounts of any
future taxable gains.
6. Subsequent Event:
The Fund paid a tax-exempt income dividend to holders of Common Stock in the
amount of $.079000 per share on March 30, 2005 to shareholders of record on
March 15, 2005.
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 19
Dividend Policy
The Fund's dividend policy is to distribute all or a portion of its net
investment income to its shareholders on a monthly basis. In order to provide
shareholders with a more stable level of dividend distributions, the Fund may at
times pay out less than the entire amount of net investment income earned in any
particular month and may at times in any particular month pay out such
accumulated but undistributed income in addition to net investment income earned
in that month. As a result, the dividends paid by the Fund for any particular
month may be more or less than the amount of net investment income earned by the
Fund during such month. The Fund's current accumulated but undistributed net
investment income, if any, is disclosed in the Statement of Net Assets, which
comprises part of the financial information included in this report.
Portfolio Information as of February 28, 2005
Percent of
Quality Ratings by Total
S&P/Moody's Investments
- --------------------------------------------------------------------------------
AAA/Aaa ............................................................ 86.4%
AA/Aa .............................................................. 2.5
A/A ................................................................ 10.6
Other* ............................................................. 0.5
- --------------------------------------------------------------------------------
* Includes portfolio holdings in short-term investments.
20 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Proxy Results
During the six-month period ended February 28, 2005, MuniHoldings New York
Insured Fund, Inc.'s Common Stock shareholders voted on the following proposal.
The proposal was approved at a shareholders' meeting on January 27, 2005. A
description of the proposal and number of shares voted are as follows:
- --------------------------------------------------------------------------------------------------------------------
Shares Voted Shares Withheld
For From Voting
- --------------------------------------------------------------------------------------------------------------------
1. To elect the Fund's Directors: Robert C. Doll, Jr. 29,417,034 493,015
Cynthia A. Montgomery 29,423,648 486,401
Jean Margo Reid 29,422,038 488,011
Roscoe S. Suddarth 29,402,643 507,406
Edward D. Zinbarg 29,416,490 493,559
- --------------------------------------------------------------------------------------------------------------------
During the six-month period ended February 28, 2005, MuniHoldings New York
Insured Fund, Inc.'s Preferred Stock shareholders (Series A-E) voted on the
following proposal. The proposal was approved at a shareholders' meeting on
January 27, 2005. A description of the proposal and number of shares voted are
as follows:
- --------------------------------------------------------------------------------------------------------------------
Shares Voted Shares Withheld
For From Voting
- --------------------------------------------------------------------------------------------------------------------
1. To elect the Fund's Board of Directors: Robert C. Doll, Jr. 12,271 54
Ronald W. Forbes 12,270 55
Cynthia A. Montgomery 12,271 54
Jean Margo Reid 12,271 54
Roscoe S. Suddarth 12,269 56
Richard R. West 12,271 54
Edward D. Zinbarg 12,271 54
- --------------------------------------------------------------------------------------------------------------------
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 21
Officers and Directors
Robert C. Doll, Jr., President and Director
Ronald W. Forbes, Director
Cynthia A. Montgomery, Director
Jean Margo Reid, Director
Roscoe S. Suddarth, Director
Richard R. West, Director
Edward D. Zinbarg, Director
Kenneth A. Jacob, Senior Vice President
John M. Loffredo, Senior Vice President
Timothy T. Browse, Vice President
Donald C. Burke, Vice President and Treasurer
Jeffrey Hiller, Chief Compliance Officer
Alice A. Pellegrino, Secretary
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agents
Common Stock:
The Bank of New York
101 Barclay Street -- 11 East
New York, NY 10286
Preferred Stock:
The Bank of New York
101 Barclay Street -- 7 West
New York, NY 10286
NYSE Symbol
MHN
- --------------------------------------------------------------------------------
Effective January 1, 2005, Terry K. Glenn, President and Director and Kevin A.
Ryan, Director of MuniHoldings New York Insured Fund, Inc. retired. The Fund's
Board of Directors wishes Messrs. Glenn and Ryan well in their retirements.
Effective January 1, 2005, Robert C. Doll, Jr. became President and Director of
the Fund.
- --------------------------------------------------------------------------------
22 MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Forms N-Q are available on the SEC's Web site at
http://www.sec.gov. The Fund's Forms N-Q may also be reviewed and copied at the
SEC's Public Reference Room in Washington, DC. Information on the operation of
the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Electronic Delivery
The Fund offers electronic delivery of communications to its shareholders. In
order to receive this service, you must register your account and provide us
with e-mail information. To sign up for this service, simply access this Web
site at http://www.icsdelivery.com/live and follow the instructions. When you
visit this site, you will obtain a personal identification number (PIN). You
will need this PIN should you wish to update your e-mail address, choose to
discontinue this service and/or make any other changes to the service. This
service is not available for certain retirement accounts at this time.
MUNIHOLDINGS NEW YORK INSURED FUND, INC. FEBRUARY 28, 2005 23
[LOGO] Merrill Lynch Investment Managers
www.mlim.ml.com
- --------------------------------------------------------------------------------
Mercury Advisors
A Division of Merrill Lynch Investment Managers
www.mercury.ml.com
MuniHoldings New York Insured Fund, Inc. seeks to provide shareholders with
current income exempt from federal income taxes and New York State and New York
City personal income taxes by investing primarily in a portfolio of long-term,
investment grade municipal obligations, the interest on which, in the opinion of
bond counsel to the issuer, is exempt from federal income taxes and New York
State and New York City personal income taxes.
This report, including the financial information herein, is transmitted to
shareholders of MuniHoldings New York Insured Fund, Inc. for their information.
It is not a prospectus. The Fund has leveraged its Common Stock and intends to
remain leveraged by issuing Preferred Stock to provide the Common Stock
shareholders with a potentially higher rate of return. Leverage creates risks
for Common Stock shareholders, including the likelihood of greater volatility of
net asset value and market price of shares of the Common Stock, and the risk
that fluctuations in the short-term dividend rates of the Preferred Stock may
affect the yield to Common Stock shareholders. Past performance results shown in
this report should not be considered a representation of future performance.
Statements and other information herein are as dated and are subject to change.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available (1) without
charge, upon request, by calling toll-free 1-800-MER-FUND (1-800-637-3863); (2)
at www.mutualfunds.ml.com; and (3) on the Securities and Exchange Commission's
Web site at http://www.sec.gov. Information about how the Fund voted proxies
relating to securities held in the Fund's portfolio during the most recent
12-month period ended June 30 is available (1) at www.mutualfunds.ml.com and (2)
on the Securities and Exchange Commission's Web site at http://www.sec.gov.
MuniHoldings New York Insured Fund, Inc.
Box 9011
Princeton, NJ 08543-9011
#HOLDNY -- 2/05
Item 2 - Code of Ethics - Not Applicable to this semi-annual report
Item 3 - Audit Committee Financial Expert - Not Applicable to this semi-annual
report
Item 4 - Principal Accountant Fees and Services - Not Applicable to this
semi-annual report
Item 5 - Audit Committee of Listed Registrants - Not Applicable to this
semi-annual report
Item 6 - Schedule of Investments - Not Applicable
Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not Applicable to this semi-annual
report
Item 8 - Portfolio Managers of Closed-End Management Investment Companies - Not
Applicable to this semi-annual report
Item 9 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - Not Applicable
Item 10 - Submission of Matters to a Vote of Security Holders - Not Applicable
Item 11 - Controls and Procedures
11(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to
the filing date of this report.
11(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal half-year of the
period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial reporting.
Item 12 - Exhibits attached hereto
12(a)(1) - Code of Ethics - Not Applicable to this semi-annual report
12(a)(2) - Certifications - Attached hereto
12(a)(3) - Not Applicable
12(b) - Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
MuniHoldings New York Insured Fund, Inc.
By: /s/ Robert C. Doll, Jr.
---------------------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
MuniHoldings New York Insured Fund, Inc.
Date: April 22, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
---------------------------------
Robert C. Doll, Jr.,
Chief Executive Officer of
MuniHoldings New York Insured Fund, Inc.
Date: April 22, 2005
By: /s/ Donald C. Burke
---------------------------------
Donald C. Burke,
Chief Financial Officer of
MuniHoldings New York Insured Fund, Inc.
Date: April 22, 2005